You missed the problematic last step.
We take technical innovations to a societal scale, discover a really harmful effect, and then stubbornly do the square root of bugger-all about it.
It's expected that harms, especially through complex side-effects take time to emerge. We can't see the future, nor can we exhaustively test everything in advance.
The problem comes with the response. A certain amount of market inertia is to be expected. Recalling and replacing products is expensive.
But what is absolutely inexcusable, and ripe for immediate radical global action to address [1], is the disgraceful, blatantly criminal behaviour of large corporations who move to suppress science, discredit researchers, silence critics and bury bad news.
Many problems concerning at-scale blow-back turn out to have been known about decades in advance of their impact.
[1] https://goodmenproject.com/the-good-life/the-corporate-death...
EDIT: A better link on the idea of the "corporate death penalty" (actually quite a good read in itself) [2]
[2] https://www.commondreams.org/views/2019/01/08/its-time-bring...